It signed the agreement for the project in the South China Sea with Vietnamese energy groups Asiapetro and Novasia, as well as a local government body, the Binh Thu?n People’s Committee.
Once built, the 3500MW La Gan La Gan (3500MW) Offshoreoff Bình Thuận, Vietnam, Asia-Pacific Click to see full details project off Bình Thu?n will be one of the first large-scale offshore wind farms in Vietnam. The project is slated to cost around $10 billion, with a commission date set for 2030 at the earliest.
CIP heads up seven investment funds with around €9.5 billion committed to date.
It will invest in La Gan through its Copenhagen Infrastructure New Markets Fund I, which it set up in May 2019 to focus mainly on greenfield renewble energy projects in Asia and Latin America.
Since it was started by Ørsted (then Dong Energy) executives in 2012, the pension fund investor has made 20 investments in large-scale energy infrastructure assets totalling almost 8GW capacity across the United States, the UK, Germany, Spain and Taiwan.
It has stakes in nearly 2GW of onshore wind capacity and 6.7GW of offshore wind capacity in various stages of development, according to Windpower Intelligence, the research and data division of Windpower Monthly.